“This contract represents further progress in Ferrovial's strategy of increasing its presence in the transport infrastructure construction sector in the US, where we already operate in Texas. This is our first operation in Virginia," said Ferrovial Agroman CEO Alejandro de la Joya.
Although the project is being implemented as a public-private partnership, the Ferrovial led-consortium US 460 Mobility Partners will not contribute funds directly. It has undertaken to procure a net amount of US$243m in funding through bonds.
US 460 Mobility was chosen for the project following a selection process that included more than two years of reviews and evaluations by Virginia authorities.
Design work will be carried out in 2013 and construction will commence in 2014, with completion anticipated in 2017.
The toll road will be operated by a public corporation created by the State of Virginia. The project consists of a four-lane toll road between the cities of Petersburg and Suffolk, both in southeast Virginia. It will run in parallel with the existing US 460 and will connect with seven other roads. The new US Route 460 will improve the connection with the Port of Virginia from inland Virginia and increase freight traffic.